Published on 6/29/2010 in the Prospect News Structured Products Daily.
New Issue: JPMorgan prices $6.1 million 10% upside auto callable reverse exchangeables on Wells Fargo
By Angela McDaniels
Tacoma, Wash., June 29 - JPMorgan Chase & Co. priced $6.1 million of 10% upside auto callable single observation reverse exchangeable notes due June 30, 2011 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if Wells Fargo stock closes above the initial share price on Sept. 27, Dec. 28, March 28, 2011 or June 27, 2011.
If the notes are not called, the payout at maturity will be par unless the final price of Wells Fargo stock is less than 50% of the initial share price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Upside auto callable single observation reverse exchangeable notes
|
| Underlying stock: | Wells Fargo & Co. (NYSE: WFC)
|
| Amount: | $6,101,000
|
| Maturity: | June 30, 2011
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final price of Wells Fargo stock has declined from initial price by more than protection amount, 36.9686 Wells Fargo shares or equivalent in cash; otherwise, par
|
| Call: | Automatically at par if Wells Fargo stock closes above initial share price on Sept. 27, Dec. 28, March 28, 2011 or June 27, 2011
|
| Initial share price: | $27.05
|
| Protection amount: | $13.525, 50% of initial price
|
| Pricing date: | June 25
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| Settlement date: | June 30
|
| Agent: | J.P. Morgan Securities Inc.
|
| Fees: | 3.404%, including 2.813% for selling concessions
|
| Cusip: | 48124ASH1
|
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